More than half of homeowners want to ‘improve not move’ – spending big on their current home instead of buying a new one.
A poll of 2,000 adults who own a property, found 41 per cent ‘love’ their home, leaving 53 per cent wanting to adapt it to suit their changing needs.
And one in six (17 per cent) would be willing to spend more than £20,000 on renovations.
Just 24 per cent would rather move elsewhere and start afresh but 46 per cent admit they will probably look to ‘list’ it within the decade.
The top reason driving people to move was the fact it may not meet their mobility needs as they get older.
While changes in lifestyle and a bigger property were other factors in considering listing it over loving it and making adjustments.
Sam Stannah, CEO of Uplifts, a home lift manufacturer, which commissioned the research, said: “Clearly, many people love the homes they live in – but there’s an acceptance that life can change in a heartbeat.
“We all cherish our homes, the research confirms this – however, what’s truly eye-opening is the level of anxiety that arises when we consider if the home we love today will continue to meet our needs in the future.
“The findings have shown homeowners are very much aware they might have to make a decision to move home or renovate to meet their changing mobility needs.
“But also, there are plenty of owners on the ladder who don’t feel their current property quite matches what they want in terms of space and location, currently.”
The research found the average homeowner has lived at their property for an average of 15 years.
With the comfort and familiarity, location and suitable size and layout the top reasons for 53 per cent considering their current place their ideal homestead.
While the local community, feeling of security and facilities and amenities nearby among the others.
It also emerged 61 per cent believe their current home was big enough to accommodate any changes should their health requirements change.
And 41 per cent considered such needs when purchasing their property.
According to Checkatrade, the average cost of a house extension can be anywhere between £30,000 to £42,000, more than double the average amount respondents are willing to pay to meet changing needs – £14,000.
Aside from the stress of moving, mortgage lender Halifax estimates the cost of moving house, from stamp duty to conveyancing can cost £12,000.
Ultimately, deteriorating health and downsizing were the top reasons respondents would feel they’d consider selling – if push came to shove.
1. Comfort and familiarity
2. Ideal location
3. Suitable layout and size
4. Community and neighbours
5. Safety and security
6. Adequate facilities and amenities
7. Memories and history
8. Emotional attachment
9. Privacy
10. Low maintenance
But those that are keen to make a move said the area they currently live in, having too many things to fix and their current rooms not being big enough were top motivations to list it.
The research, carried out via OnePoll, found 15 per cent of those polled have mobility issues – with climbing the stairs, stepping out of bed and reaching high shelves the top difficulties faced.
Yet only nine per cent of all adults considered a home lift installation a realistic prospect to help with mobility from floor-to-floor.
Sam Stannah, from Uplifts, added: “The research indicates many people believe installation of products to improve their home may feel out of reach.
“And as a result, the heartbreaking decision of having to leave a beloved forever home can become a reality for many.
“However, installing a home lift can be done without disrupting the layout of a home or requiring invasive or costly work.”
